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EXHIBIT 15

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EXHIBIT 15

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2006 Hewlett-Packard Development Company, L.P.The information contained herein is subject to change without notice

Blackbird

Strategic RationaleFebruary 26th, 2009

****Draft****

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Itanium Based Plans

Scenario A: Current POR BCS plan to support Tukwila, Poulson and Kittson

Excludes any revenue or investments for x86

TS support plan for above

R&D plan estimated through FY14

Includes $88M payment to Intel for FY09-FY12

Scenario B: Adjusted Plan Removes any future development after Tukwila; includes no

assumptions for Poulson and Kittson TS support plans trend with hardware reductions

Assumes no payments to Intel effective FY09

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FY09 FY14 Combined BCS & TS

($B) Scenario A:Current POR

Scenario B:No further IPFdevelopment

Delta

Total Revenue $30.8 $22.8 ($8.0)

Gross Margin $14.2 $9.7 ($4.5)

IPF R&D $1.4 .5 ($.9)

Net Profit $12.841.6%

$9.240.3%

($3.6)45.3%

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Revenue Cumulative 6Yr ($8.0B) Profit Cumulative 6Yr ($3.6B)

Scenario A: Scenario B:

Profit net of $912M R&D savings

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

$2,750

$3,000

$3,250

$3,500

FY09 FY10 FY11 FY12 FY13 FY14

BCSeN - POR NED-POR TS-POR BCSeN-Adj NED-Adj TS-Adj

$0

$250

$500

$750

$1,000

$1,250

$1,500

FY09 FY10 FY11 FY12 FY13 FY14

BCSeN-POR NED-POR TS-POR BCSeN-Adj NED-Adj TS-Adj

FY09 FY10 FY11 FY12 FY13 FY14

BCSeN $0 ($437) ($1,502) ($1,827) ($1,301) ($920)

NED $0 ($151) ($143) ($67) ($100) ($84)

TS $0 ($60) ($149) ($272) ($452) ($501)

Total $0 ($648) ($1,794) ($2,166) ($1,854) ($1,504)

Revenue DeltaFY09 FY10 FY11 FY12 FY13 FY14

BCSeN $88 ($174) ($692) ($810) ($700) ($522)

NED $0 ($86) ($79) ($36) ($51) ($41)

TS ($0) ($21) ($52) ($98) ($159) ($175)

Total $88 ($281) ($823) ($944) ($910) ($739)

Profit Delta - Gross Margin Less Busin ess Owned R&D

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Strategic Rationale Summary (1 of )

HP is committed to the Unix market which has a long future withsignificant product and services pull through. Solaris is the leadingUnix in the US, HP-UX is the leading Unix everywhere else; thecombination provides choice with little overlap in the market.

We like the Solaris franchise and believe the combination of Solarisand our strength in Enterprise computing and x86 will provideimportant choice points for the market.

Suns storage based on Solaris/ZFS is consistent with our IndustryStandard Storage roadmap and accelerates our plans to ride the x86

technology curve and provide full-featured Entry to Enterprise levelstorage based on industry standard gear

Cost synergies

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Strategic Rationale Current Situation

HP-UX is on a death march due to inevitable Itanium trajectory Companion TS attach business declines precipitously but with a

longer tail than the product business

No replacement for 45% revenue and 60% of GM for the TS business

TS Value is tied to HP-UX and we do not have a go-forward

x86 is on a credible trajectory to fulfill all aspects of RISC within 5years

Going forward, HP will not own the software IP stack upon which tobuild value the hardware stack gets commoditized

Cisco owns IOS stack

Microsoft owns AZURE stack

NetApps owns OnTap stack

VMWare building out its own software stack

We are behind in IP control points in storage even afteracquisitions

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Strategic Rationale - Upside We get the leading UNIX and the only viable x86 UNIX with strong ISV support

Control point to build significant value and IP

Gain ownership of virtualization stack for x86

Allows us to build capabilities without any dependence or need for VMWare

Combination of leading x86 (Proliant) with leading UNIX very powerful

Very loyal customer base who love the Blackbird technology

Make it a two horse race in the enterprise: Solaris and Windows (which both run best

on our platforms) Windows Server cannot optimize performance & RAS the way we can with Solaris on x86

Unify and simplify efforts around the software and x86 for compute & storageconvergence driving a consistent architecture to be more cost competitive

Become the reference storage platform for next generation IM applications

We put significant pressure on the pure-play storage business model

We gain the next generation storage platform

Isolate pure-play vendors

Expand the c-Class franchise by moving all SPARC and UNIX to Blades plus Storage

HP has the IP for hardware RAS on x86

Solaris delivers the software components for true enterprise applications

Gain sales capabilities skewed to value-selling with strong customer and ISV

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Storage Convergence Opportunity

Move the conversation to c-Class blades forstorage

Solaris is the platform for server/storage

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Networking

Blackbird does not have fully developednetworking assets as originally thought

Cisco does have dependencies on Solaris andwould now be dependent on us

Blackbird did have nascent thoughts in certainareas of networking we could develop

HP has the ability to use Solaris as the switch

operating system for advanced networkingcapabilities

Opportunity to accelerate some plans in edgetechnologies

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Impact of BB acquired by IBM

They consolidate their platforms on a single OS and previoustransitive acquisitions makes it easy for customers to move apps,consistent with their open source messaging

Saves their x86 business from disaster

Puts IBM in the game as a storage platform

Isolates and exposes HP-UX as 3rd tier player, accelerates ourdecline (product/service) as customers look to consolidate vendors

Control of Java as part of websphere tips IBM into the dominantposition

Extends mainframe franchise, with a full software stack from the OS

thru the middleware to the apps

Gives them a cloud platform

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Blackbird Current Situation

Unix market maturing and x86 is ramping to RISC capabilities

Services: 45% of revenue and 60% GM comes from Unix

Infrastructure converging for server/storage/software

Strategic Rationale

Gain strong OS stack and make it a two-horse race (Windows/Solaris) for x86platforms with HP control of IP and value-add

Unify, simplify and focus efforts on common building blocks and software stack

Game changing storage architecture isolate pure play vendors

Expand blade franchise to be the data center infrastructure

Add value sales and service capabilities with loyal customers and solid ISV base

Strategic Risks

If purchased by another System Vendor: same consolidation play plus gains a

compelling middleware position If we purchase: Microsoft reacts and elevates a different x86 vendor to strategic

partner

Negatives

Networking assets are marginal

Software assets are of little value to HP and need to be divested

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